[Exclusive] Hyundai Glovis Recruits Choi Hyun-man, Chairman of Mirae Asset, as Outside Director

Hyundai Glovis is making a surprise move by appointing Choi Hyun-man, Chairman of Mirae Asset Securities, as an outside director responsible for protecting shareholder rights. Hyundai Glovis plans to strengthen investor communication and accelerate the establishment of shareholder-friendly policies by bringing in a seasoned figure from the investment industry.

According to the resolution for convening the shareholders' meeting submitted to the Financial Supervisory Service on the 19th, Hyundai Glovis will propose an agenda to appoint Chairman Choi as an outside director at the regular shareholders' meeting scheduled for March 20.

Gil Jae-wook, former chairman of the Korea Exchange KOSDAQ Market Committee, who had been advising on accounting and finance, will step down after his term expires following reappointment, and Chairman Choi will take his place. The outside director responsible for protecting shareholder rights, a position Chairman Choi will assume, is tasked with advising the board from the shareholders' perspective.

Hyundai Glovis was the first within the Hyundai Motor Group to introduce the system of outside directors responsible for protecting shareholder rights in 2018, ahead of its governance restructuring efforts. Shareholders recommend candidates for the outside director responsible for protecting shareholder rights. Among the recommended candidates, the Outside Director Candidate Recommendation Committee selects a single candidate, who is then finally appointed through the shareholders' meeting.

The outside director responsible for protecting shareholder rights is in charge of safeguarding shareholder interests and enhancing corporate transparency. This role also serves as a bridge to strengthen communication between shareholders and management. At the same time, the director belongs to the Transparent Management Committee, which is composed solely of outside directors. The Transparent Management Committee, which makes independent decisions, advises on shareholder-friendly management directions across the company's overall management.

Chairman Choi is a founding member of Mirae Asset Group, the largest securities firm in Korea by total assets, and is a remarkable figure who rose from a salaried employee to a professional CEO. Under Chairman Choi's leadership, Mirae Asset Securities acquired Daewoo Securities in 2016, becoming the largest securities firm in the country. Chairman Choi played a key role not only in the acquisition process but also in the successful integration of the two organizations afterward. Having been involved in the capital market for 27 years, he stepped down from frontline management in November last year.

Hyunman Choi, Chairman of Mirae Asset

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